With global stock markets hitting historic highs and US inventories declining, Brent crude oil prices hover around $87 per barrel and are poised to rise for the fourth consecutive week.
Despite sluggish growth in US rents and wages in June, positive market sentiment and expectations of interest rate cuts are supporting recent gains.
This week’s significant drop in US oil inventories suggests supply tightness, while concerns over an active hurricane season have added momentum to the market.
Since June, oil prices have steadily risen on optimistic summer demand forecasts and sustained consumption trends. Optimistic forecasts have proven this.
Read more:
Latest economic data shows US unemployment rate rises to 4.1%.
Analysts like John Evans from PVM confirm the persistence of current price increases and emphasize bullish expectations for the third quarter, despite weak signals in Asian demand prompting Saudi Aramco to lower crude oil prices in that region.
